Forbes: Another Look at the Shape of the Recovery
There is a new article on Forbes website about the fastest revering cities. This is interesting because there is an analysis as to why certain cities are recovering more quickly than others.
One of the common denominators for recovering cities is that these cities did not experience the super inflation of housing prices thus they are not as vulnerable to the bursting of the bubble that occurred.
However, this is not always such great news. The reason is that in some of these cities, their real estate lacked the appeal that drove real estate prices sky high. So they didn’t lose as much because they never gained that much.
So some of the cities hardest hit by the loss in real estate value may, in my opinion, stand to gain more value again once their markets bottom out.
So which cities are expected to recover the “fastest”?
- Omaha-Council Bluffs, NE-IA Metro Area
- San Antonio, TX Metro Area
- Austin-Round Rock, TX Metro Area
- Pittsburgh, PA Metro Area
- Harrisburg-Carlisle, PA Metro Area
- Dallas-Fort Worth-Arlington, TX Metro Area
- Rochester, NY Metro Area
- Houston-Sugar Land-Baytown, TX Metro Area
- Raleigh-Cary, NC Metro Area
- Baton Rouge, LA Metro Area
Notice that 4 of the top ten cities are from the great state of Texas.
Since our Studio is in Central Florida, I looked to see how our cities did. Orlando, Florida ranked 85th (out of 100). With that rank, we were still well ahead of Miami and Jacksonville and other Florida cities. For perspective though, Chicago, my home town ranked 86th, one notch below Orlando. I predict a great recovery for both metro areas. Let me know what you think.
For the complete list:
http://www.forbes.com/2009/11/19/cities-recovery-unemployment-lifestyle-real-estate-top-ten-chart.html
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